Shiba Inu Looks to Recover the Losses Incurred in Recent Times

Shiba Inu (SHIB) has not escaped the impact of the prevalent market-wide turmoil. The asset has dropped by over 15% this month, breaking below the potent $0.00001 support. As this crash puts over 1 million SHIB holders at loss, the asset is now looking to stage a recovery back to the $0.00001 territory.
Data from the on-chain data intelligence provider IntoTheBlock suggests that, at the asset’s current price, up to 81% of Shiba Inu investors are facing losses on their investments. Etherscan data (https://etherscan.io/token/0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce) confirms that SHIB currently boasts an estimate of 1.3 million holders. This leaves 1,053,000 addresses at loss.
Moreover, IntoTheBlock reveals that only 16% of holders, translating to 200K+ addresses, are witnessing a profit. In addition, about 39,000 addresses are at a break-even point. This indicates that these holders are neither seeing profits nor losses on their investments.
This bearish reality is as a result of the ongoing market-wide bloodbath that has battered SHIB below the $0.00001 threshold. According to IntoTheBlock, the majority of Shiba Inu holders procured their tokens when the asset was trading between $0.000009 and $0.000026. SHIB is currently trading for $0.00000852, down 1.96% in the past week.
Shiba Inu Eyes Recovery Amid Accumulation Spike
Shiba Inu began the month at a price of $0.00001008, as the bearish trend that began mid-April spilled over. The asset closed May 1 below the $0.00001 territory, but quickly reclaimed it the next day. SHIB continued to defend the $0.00001 support until May 6 when it plummeted by 5.14%.
Subsequent declines resulted in a free fall to the lows at $0.000008. The bulls have been unable to mount a comeback, leaving the asset to consolidate between $0.00000832 and $0.000009. At its current value, SHIB is down 15.81% this month.